★★★★★ 5.0 — Based on 180+ Google reviews from Maryland homebuyers
Licensed NMLS #455896 · Odenton office · In-house underwriting through Bay Capital Mortgage
Conventional Home Loans in Maryland
The John Shea Team structures conventional loans for Maryland buyers and homeowners who want flexible terms, a path to remove PMI, and clear payment math for Anne Arundel and nearby markets. Move-up buyers in Crofton, Gambrills, and Millersville use this path as often as first-time buyers with stronger credit. John works from Odenton and is licensed in Maryland, DC, Virginia, and Florida; this page focuses on Maryland purchase and refinance files.
Free, no obligation. You speak with John Shea, a mortgage lender, not a call center.
Soft credit check only to start.
Chairman's Circle
Bay Capital Mortgage
2020
Preferred Partner
Chesapeake Real Producers
2026
President's Club
Bay Capital Mortgage 2025
Prefer to talk it through? Schedule a quick consultation and we’ll walk you through your conventional loan options step by step.
20 Years Serving Maryland
(since 2006)
NMLS #455896
& #39610
5.0★ - 180+
Google Reviews
In-House Underwriting
& Funding
MMP-Approved
Lender
Quick answer: A conventional loan through The John Shea Team is a non-government Maryland mortgage with flexible terms, often as little as 3% down for qualified buyers, and the ability to remove PMI after you build enough equity. John Shea, NMLS #455896, underwrites conventional files in-house through Bay Capital Mortgage from Odenton. Three percent down does not mean zero cash to close. Compare conventional with FHA and VA home loans before you lock a path. Pre-qualification is not a commitment to lend.
Key Decisions Before You Choose Conventional
Compare conventional vs FHA vs VA home loans on credit, cash to close, and monthly insurance.
Decide whether removing PMI later matters more than a lower entry barrier today.
Run full PITI for your target ZIP (Odenton, Severn, Crofton, Gambrills, and nearby), including HOA. Low down payment is not the same as low cash to close.
Get a local pre-approval before you write a move-up offer in a competitive corridor market.
If you are shopping national online lenders for a teaser conventional rate, also read John Shea vs a national online lender.
Who a Conventional Loan Is Best For
Competitive fixed-rate structures for long-term planning
As little as 3% down for many qualified buyers (program and credit dependent)
No FHA upfront MIP; PMI can often be removed later when equity and guidelines allow
Strong fit for primary residences; second homes and investment properties when guidelines allow
Gift funds and seller credits may apply within conventional rules
In-house processing, underwriting, closing, and funding through Bay Capital Mortgage
Jumbo loans are out of scope for this practice. If your purchase needs jumbo, John will say so early.
Money Questions: Down Payment, PMI, and Move-Up Equity
How much down payment do you need?
Many qualified buyers start near 3% down. Putting 5%, 10%, or 20% down can change rate, PMI, and reserves. John models Maryland taxes and insurance at each down-payment level so the monthly number is real for your city. A low down payment still leaves appraisal, title, prepaid taxes and insurance, and other closing costs unless seller credits or other allowed sources cover them.
How does PMI work on a conventional loan?
Private mortgage insurance usually applies when you put less than 20% down. Unlike FHA MIP, conventional PMI is often removable later when you reach the required equity and the loan allows cancellation. Ask for a side-by-side with FHA MIP before you choose.
What about move-up buyers selling one home and buying another?
Conventional files often fit dual-contract timing, gift funds from family, and larger Anne Arundel purchase prices. John coordinates the sale and purchase timeline so underwriting does not stall. Refinance path later: Maryland Refinance Guide
Key Conventional Loan Benefits
Strong-credit first-time buyers
Stable income and cleaner credit than a typical FHA file
Want a path to cancel PMI
Still comparing help from the Maryland Mortgage Program if assistance fits a conventional structure
Move-up buyers near Fort Meade
Trading up in Crofton, Gambrills, Millersville, or Severn
Need conventional flexibility on larger payments and HOA communities
Want one local loan officer who knows listing-agent timelines
Homeowners refinancing
Rate-and-term or cash-out when conventional guidelines fit better than keeping FHA MIP
Start with the refinance guide
Eligible Veterans should still check VA home loans before defaulting to conventional. Buyers with thinner credit or less cash should check FHA.
Conventional Loan FAQs for Maryland Buyers
What credit score do you need for a conventional loan?
Conventional loans usually need stronger credit than FHA. Many programs work best from the low-to-mid 600s and up, with better pricing at higher scores. Bay Capital Mortgage applies its own guidelines. John Shea reviews your full file instead of screening on score alone.
Can I put only 3% down on a Maryland home?
Often yes for qualified buyers under specific conventional programs. Your reserves, debt ratios, and property type still matter. John Shea confirms whether 3%, 5%, or more is the cleaner path for your target price in Anne Arundel County.
When can I remove PMI on a conventional loan?
Many conventional loans allow PMI cancellation once you reach the required equity and meet the servicer rules. Timing depends on your original loan-to-value, payment history, and whether you request cancellation or wait for automatic removal. Ask John Shea to show the equity target for your purchase.
Is conventional better than FHA near Odenton?
If your credit and cash support conventional, monthly cost and PMI removal often win long term. If credit or cash is tighter, FHA may be the cleaner entry. Compare both with John Shea before you shop. see FHA loans and conventional loans. and
Can Fort Meade military buyers use conventional instead of VA?
Yes, but eligible buyers should still compare VA loans first. Conventional can fit when VA entitlement timing, property type, or a second home goal points elsewhere.
How long does a conventional closing take with The John Shea Team?
Well-prepared files often close in about 25 to 35 days. Appraisal, condo questionnaires, and sale-of-current-home conditions can extend that. In-house underwriting keeps one contact on the file.
Do you do conventional investment properties?
Some investment and second-home conventional files are possible when guidelines and reserves allow. Jumbo loans are out of scope for this practice. John Shea will confirm scope on the first call.
Where do I verify John Shea's licensing?
John Shea NMLS #455896 and Bay Capital Mortgage Corporation NMLS #39610 on https://www.nmlsconsumeraccess.org/. Office: 1416 Annapolis Rd Suite B, Odenton, MD 21113.
Common Conventional Mistakes (and Simple Fixes)
Choosing conventional only because an online ad showed a low rate
Teaser rates ignore Maryland taxes, insurance, and PMI. Fix: get a local pre-qual with full PITI from John. See local vs online lender.
Forgetting PMI in the monthly budget
A 3% down payment is not a 20% down payment . Fix: ask for payment with and without PMI at your target price.
Skipping the VA check when you are eligible
Some Fort Meade buyers default to conventional and miss a zero-down VA path. Fix: run VA and conventional side by side on day one.
Writing a move-up offer before the sale file is clear
Underwriting stalls when the current home sale is vague. Fix: map both contracts with John before you go under contract on the new home.
Our Service Areas
Annapolis
Bowie
Laurel
Columbia
Ellicott City
Hanover
Elkridge
Ready to Explore Your Conventional Loan Options?
Apply online in just a few minutes or schedule a one on one consultation with me. We’ll review your goals, go over your conventional loan options in plain language, and map out a clear path from pre approval to closing.
